>>> US Early premarket gappers

Early premarket gappers

Gapping up: ABMD +29.4%, PSTI +14.3%, FSL +13.9%, ZHNE +8.8%, AAPL +8.4%, X +8.4%, FTK +8.3%, YHOO +6.1%, MRTN +6%, JNPR +5.2%, UIHC +5.1%, REXX +4.7%, CPST +4.6%, KLIC +4.6%, EA +4.3%, KTCC +3.9%, WDC +3.8%, CRUS +3.7%, TEL +3.7%, ACAT +3.6%, AKS +3.1%, SWKS +3%, PLUG +2.8%, NXPI +2.5%, ANIP +2.4%, MRCY +2.4%, UMC+2.4%, ABC +2.2%, CYT +2%, ANTM +2%, TSS +1.9%, MKC +1.9%, SPIL +1.8%, APRI +1.6%, STX +1.6%, FB +1.6%, IP +1.5%, CNI +1.4%, WLT +1.3%, MPEL +1.3%, AVGO +1.2%, T +1.2%, AMZN +1.1%, DOX +1%, RIG +1%, DOX +1%, QCOM +0.9%, GOOG +0.9%, BBRY +0.9%, AMGN +0.9%

Gapping down: NBG -27.9%, ETH -11.5%, PBR -9.7%, EZPW -8.1%, MHH -6.7%, OTEX -5.5%, SYRG -5.2%, HMY -3.5%, IHG -3.2%, SAN -3%, RES -2.6%, UMBF -2.4%, STM -2.3%, FXCM -2.1%, WWE -2%, PHG -1.8%, IGT -1.8%, COMM -1.8%, TOT -1.7%, EVER -1.6%, AU -1.5%, ABGB -1.2%, RDS.A -1.1%, DB -1.1%, ABB -1%, TEF -0.9%, SSRI -0.9%, TXT -0.9%, BP-0.8%, GDX -0.8%, AUY -0.7%, STJ -0.5%

>>> Petrobras Brasileiro reports Q3 2014 net income of R3.087 bln vs R3.387 bln

Petrobras Brasileiro reports Q3 2014 net income of R3.087 bln vs R3.387 bln last year; Q3 EBITDA of 11.735 bln vs 13.091 bln last year

  • Higher domestic crude oil and NGL production (a 6% increase, 118 thousand barrels/day) due to the production start-up and ramp-up of Production Stationary Units and FPSOs Cidade de São Paulo, Cidade de Itajaí, Cidade de Paraty, P-63, P-55, P-62 and P-58 and also to the start-up of Extended Well Tests (EWTs) of Iara Oeste and Tartaruga Verde.
  • However, due to the fact that it is impracticable to measure in a correct, complete and definite manner such capitalized amounts on property, plant and equipment, the Company considered the adoption of alternative approaches to correct such amounts: (i) use of average percentage of improper payments, mentioned at the testimonies; (ii) fair value measurement of the assets whose constitution was made through agreements with supplier companies in the context of the "Lava Jato Operation". Such alternative approaches were inadequate to change the impracticable determination of overprice related to those improper payments.
  • Higher oil product production (a 1% increase, 24 thousand barrels/day) generated by increased refining plants utilization factor (100%) and to the conversion of intermediate products.

>>> Anthem misses by $0.01, reports revs in-line; guides FY15 EPS above consensu

Anthem misses by $0.01, reports revs in-line; guides FY15 EPS above consensus, revs below consensus; increases quarterly div by 43% to $0.625/share

Reports Q4 (Dec) earnings of $1.73 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $1.74; revenues rose 6.4% year/year to $18.78 bln vs the $18.93 bln consensus.
  • Co issues guidance for FY15, sees EPS of greater than $9.70, excluding non-recurring items, vs. $9.45 Capital IQ Consensus Estimate; sees FY15 revs of $78.0-78.5 bln vs. $79.48 bln Capital IQ Consensus Estimate.
    • Medical membership is expected to be in the range of 38,000,000 -- 38,200,000. Fully insured membership is expected to be in the range of 14,750,000 -- 14,850,000 and self-funded membership is expected to be in the range of 23,250,000 -- 23,350,000.
    • Benefit expense ratio is expected to be in the range of 83.0% plus or minus 30 basis points.
  • Medical enrollment totaled ~37.5 million members at December 31, 2014, an increase of approximately 1.8 million members, or 5.2 percent, from 35.7 million at December 31, 2013.
  • The benefit expense ratio was 84.5 percent in the fourth quarter of 2014, a decrease of 330 basis points from 87.8 percent in the prior year quarter.
  • Board of Directors increases quarterly dividend by nearly 43% to $0.625 per share, totaling $2.50 per share on an annualized basis.

(BUS) CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and Wire

BFW 01/28 11:03 Commscope to Buy TE Connectivity’s Telecom, Enterprise Ops
BN 01/28 11:05 *COMMSCOPE SEES DEAL ADDING TO EARNINGS EXCL. CHARGES, ITEMS
BN 01/28 11:04 *COMMSCOPE RECEIVED DEBT FINANCING COMMITMENTS
BN 01/28 11:03 *COMMSCOPE SEES FUND DEAL W/ CASH ,UP TO $3B INCREMENTAL DEBT
BN 01/28 11:03 *COMMSCOPE TO BUY TE'S TELECOM, OTHER UNITS FOR ABOUT $3B
BN 01/28 11:02 *COMMSCOPE TO BUY TE'S TELECOM, ENTERPRISE UNITS FOR ABOUT $3B
BFW 01/28 11:02 *COMMSCOPE TO BUY TEL’S TELECOM, ENTERPRISE/WIRELESS OPS FOR $3B
BN 01/28 11:01 *COMMSCOPE SEES DEAL ADDING TO EARNINGS EXCESS OF 20% TOADJ. EPS
BN 01/28 11:00 *COMMSCOPE TO BUY TEL'S TELECOM, ENTERPRISE & WIRELESS OPS
BN 01/28 11:00 *COMMSCOPE SAYS TRANSACTION COMMSCOPE AT $3B
BN 01/28 11:00 *COMMSCOPE SEES DEAL ADDING TO EARNINGS SIGNIFICANTLY
BN 01/28 11:00 *COMMSCOPE AGREES TO BUY TE CONNECTIVITY’S TELECOM, ENTERPRISE &
BN 01/28 11:00 *COMMSCOPE AGREES TO BUY TE CONNECTIVITY’S TELECOM, ENTERPRISE,
CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and Wireless Businesses
2015-01-28 11:00:00.173 GMT

CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and
Wireless Businesses

Combination of Highly Complementary Businesses Broadens CommScope’s Position
as a Leading Communications Infrastructure Provider

Expanded Offerings Position CommScope to Meet Growing Demand for Bandwidth

Transaction Expected to be Significantly Accretive to CommScope’s Adjusted EPS
and Exceed $150 Million in Annual Synergies Beginning in Third Year Following
Closing

Transaction Valued at $3 Billion

Business Wire

HICKORY, N.C. -- January 28, 2015

CommScope Holding Company, Inc. (NASDAQ: COMM) has agreed to acquire TE
Connectivity’s (NYSE: TEL) Telecom, Enterprise and Wireless businesses in an
all-cash transaction valued at approximately $3 billion. The transaction,
which was approved by the boards of directors of both companies, is expected
to accelerate CommScope’s strategy to drive profitable growth by entering into
attractive adjacent markets and to broaden its position as a leading
communications infrastructure provider. In addition, CommScope will have
greater geographic and business diversity following the completion of the
transaction.

The Telecom, Enterprise and Wireless businesses of TE Connectivity, a world
leader in fiber optic connectivity for wireline and wireless networks,
generated annual revenues of approximately $1.9 billion in its fiscal year
ended September 26, 2014, consisting of $1.1 billion from its Telecom
business, where it is a world leader; $627 million from Enterprise; and $164
million from Wireless. The combined company’s pro forma results for the twelve
months ended September 30, 2014 would have been approximately $5.8 billion in
net sales and $1.2 billion in pro forma adjusted EBITDA. The transaction is
expected to be in excess of 20% accretive to CommScope’s adjusted earnings per
share by the end of the first full year after closing and on a pro forma
basis, excluding purchase accounting charges, transition costs and other
special items.

“This is an important and transformative acquisition for CommScope, bringing
together complementary geographic and customer coverage, products and
technologies for the benefit of our stockholders, customers and employees,”
said Eddie Edwards, CommScope president and chief executive officer. “This
transaction has many clear strategic and financial benefits for all of our
stakeholders. It creates enhanced scale with a combined, diversified portfolio
that we believe is well-positioned to take advantage of opportunities in the
marketplace.

“We look forward to welcoming the TE Connectivity businesses to CommScope,
which will bring top talent, strong customer relationships in growing markets
and a robust pipeline of innovations. CommScope has a strong track record of
disciplined strategic acquisitions and successful integrations, and we look
forward to working with the TE Connectivity team to bring these assets
together as cohesively and expeditiously as possible.”

“CommScope is a proven industry leader, and we believe it is the right company
to lead our Telecom, Enterprise and Wireless businesses forward,” said Tom
Lynch, TE Connectivity chairman and chief executive officer. “Our dedicated
employees have been instrumental in the success of these businesses, and we
are confident in their ability to continue to deliver. We look forward to
working closely with the CommScope management team to close the transaction.”

Transaction Expected to Position CommScope for Future Growth and Value
Creation Through:

* Establishing Leading Positions Across Diverse and Growing Product Segments
and Geographies: This transaction is expected to provide CommScope with
the opportunity to expand into the adjacent wireline telecom
networks/fiber-to-the-X (FTTx) market and meet the steadily growing demand
for broadband services in developed and emerging markets. Upon completion
of the transaction, CommScope’s overall sales concentration would be more
balanced based on the 12 months ending September 30, 2014:

* Wireless—approximately 46% of sales, versus 65%;
* Enterprise—approximately 26% of sales, versus 22%; and
* Broadband Connectivity—approximately 28% of sales, versus 13%.

Furthermore, with TE Connectivity’s strong presence in the Europe, Middle
East, Africa and Asia Pacific regions, the combined company is expected to
meaningfully expand its footprint and global competitive position.

* Significantly Expanding Platform for Innovative Solutions: The transaction
is expected to substantially expand CommScope’s foundation of innovation
with the addition of approximately 7,000 patents and patent applications
worldwide from TE Connectivity. Further, TE Connectivity’s leading fiber
technology is expected to help CommScope better address a transition to
fiber deployments deeper into networks and data centers as consumers and
businesses generate increasing bandwidth requirements. With these
additional innovative solutions, CommScope expects to solve more customer
communications challenges, while providing greater opportunities to its
business partners.

* Creating Complementary Market Opportunities: The combined company is
expected to have the technology, solutions and talent to provide greater
value and a broader range of services to its customers and partners.
Additionally, TE Connectivity’s existing relationships with key industry
participants are expected to enable the combined company to meaningfully
strengthen its position across multiple markets.
* Offering Significant Synergy Opportunities and Strong Financial Profile:
CommScope expects to realize more than $150 million in annual synergies
beginning in the third year following closing, which includes more than
$50 million in the first full year. CommScope expects to drive synergies
across all areas of the company, including sales, marketing, general and
administration, operations, and research and development. The transaction
is expected to be in excess of 20% accretive by the end of the first full
year after closing and on a pro forma basis, excluding purchase accounting
charges, transition costs and other special items.
* Enhancing Employee Opportunities as Part of Larger Organization: TE
Connectivity’s Telecom, Enterprise and Wireless businesses will contribute
approximately 10,000 people and 65 facilities to CommScope. This
combination is expected to create an even stronger base of talent by
uniting two highly-skilled and diverse workforces with a strong commitment
to serving customers. As part of a stronger, larger company, CommScope and
TE Connectivity employees are expected to have the opportunity to benefit
from greater career and professional development opportunities.

Management Team, Closing and Financing

Upon completion of the transaction, Mr. Edwards, along with other members of
the CommScope executive management team, will continue to lead the company.
CommScope management will be welcoming members of the TE Connectivity
leadership team upon closing of the transaction. CommScope corporate
headquarters will remain in Hickory, North Carolina.

The transaction is expected to close by the end of 2015 subject to
consummation of contemplated financing, regulatory approvals and other
customary closing conditions.

CommScope expects to finance the transaction through the use of cash on hand
and up to $3 billion of incremental debt, and has received debt financing
commitments from J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank
and Wells Fargo. Upon completion of the transaction, CommScope’s net debt to
2014 pro forma adjusted EBITDA ratio is expected to total approximately 4.0x
to 4.5x.

Advisors

Allen & Company LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and
Deutsche Bank are serving as financial advisors to CommScope. Alston & Bird
LLP, Latham & Watkins LLP, Baker & McKenzie and Jones Day are serving as legal
advisors to CommScope.

Conference Call and Webcast

CommScope will host a conference call at 8:00 AM ET today, January 28, 2015,
to discuss the transaction. The conference call can be accessed by dialing
(866) 610-1072 (U.S./Canada) or (973) 935-2840 (International) and giving the
passcode 73069027. A replay of the call will be available from January 28,
2015 at 11:00 AM ET until 11:59 PM ET on February 11, 2015 by dialing (800)
585-8367 (U.S./Canada) or (404) 537-3406 (international) and by entering the
passcode 73069027. The webcast and accompanying presentation of the conference
call will be available on CommScope’s website (www.CommScope.com) prior to the
start of the call.

About CommScope

CommScope (NASDAQ: COMM) helps companies around the world design, build and
manage their wired and wireless networks. Our network infrastructure solutions
help customers increase bandwidth; maximize existing capacity; improve network
performance and availability; increase energy efficiency; and simplify
technology migration. You will find our solutions in the largest buildings,
venues and outdoor spaces; in data centers and buildings of all shapes, sizes
and complexity; at wireless cell sites and in cable headends; and in airports,
trains, and tunnels. Vital networks around the world run on CommScope
solutions.

Forward Looking Statements

This communication contains forward-looking statements (including within the
meaning of the Private Securities Litigation Reform Act of 1995) concerning
CommScope, the proposed acquisition by CommScope of the Telecom, Enterprise
and Wireless businesses of TE Connectivity and other matters. These statements
may discuss goals, intentions and expectations as to future plans, trends,
events, results of operations or financial condition, or otherwise, based on
current beliefs of the management of CommScope and TE Connectivity as well as
assumptions made by, and information currently available to, such management.
Forward-looking statements may be accompanied by words such as “aim,”
“anticipate,” “believe,” “plan,” “could,” “would,” “should,” “estimate,”
“expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,”
“possible,” “potential,” “predict,” “project” or similar words, phrases or
expressions. These forward-looking statements are subject to various risks and
uncertainties, many of which are outside the control of CommScope and TE
Connectivity. Therefore, you should not place undue reliance on such
statements. Factors that could cause actual results to differ materially from
those in the forward-looking statements include failure to obtain applicable
regulatory approvals in a timely manner, on terms acceptable to CommScope or
TE Connectivity or at all; failure to satisfy other closing conditions to the
proposed transactions; the risk that CommScope will be required to pay the
reverse break-up fee under the Stock and Asset Purchase Agreement; the risk
that the TE Connectivity businesses will not be integrated successfully into
CommScope or that CommScope will not realize estimated cost savings, synergies
and growth or that such benefits may take longer to realize than expected;
failure by CommScope to realize anticipated benefits of the acquisition; risks
relating to unanticipated costs of integration; risks from relying on TE
Connectivity for various critical transaction services for an extended period;
reductions in customer spending and/or a slowdown in customer payments;
failure to manage potential conflicts of interest between or among customers;
unanticipated changes relating to competitive factors in the
telecommunications industry; ability to hire and retain key personnel; the
potential impact of announcement or consummation of the proposed acquisition
on relationships with third parties, including customers, employees and
competitors; ability to attract new customers and retain existing customers in
the manner anticipated; changes in legislation or governmental regulations
affecting the CommScope and the TE Connectivity businesses to be acquired;
international, national or local economic, social or political conditions that
could adversely affect CommScope, the TE Connectivity businesses to be
acquired or their customers; conditions in the credit markets that could
impact the costs associated with financing the acquisition; risks associated
with assumptions made in connection with the critical accounting estimates,
including segment presentation, and legal proceedings of CommScope and/or the
TE Connectivity businesses to be acquired; and the international operations of
CommScope and/or the TE Connectivity businesses to be acquired, which are
subject to the risks of currency fluctuations and foreign exchange controls.
The foregoing list of factors is not exhaustive. You should carefully consider
the foregoing factors and the other risks and uncertainties that affect the
businesses of CommScope and/or the TE Connectivity businesses to be acquired,
including those described in each of CommScope’s and TE Connectivity’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K and other documents filed from time to time with the Securities and
Exchange Commission. Except as required under applicable law, the parties do
not assume any obligation to update these forward-looking statements.

Contact:

Investor Contact
Phil Armstrong, CommScope
Senior Vice President, Corporate Finance
+1 828-323-4848
phil.armstrong@commscope.com
or
Media Contacts
Rick Aspan, CommScope
Vice President, Corporate Communications
+1 708-236-6568
rick.aspan@commscope.com
or
James Golden / Joe Snodgrass / Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

-0- Jan/28/2015 11:00 GMT

>>> Vossloh offer from Thiele set at EUR 48.50 a share

Vossloh offer from Thiele set at EUR 48.50 a share

Vossloh, the listed German transportation technology company, is the subject of a EUR 48.50 per-share offer from the German businessman Heinz Hermann Thiele, Boersen-Zeitung reported.

The German-language daily cited an ad-hoc announcement showing that the price in the voluntary takeover offer has been set at EUR 48.50, which financial watchdog BaFin stated as the minimum required.

The price values Vossloh at EUR 646.5m, and is well below the current market price, the report said. Thiele, owner of the brakes producer Knorr-Bremse, has stated he wishes to increase his 29.9% stake only modestly through the offer, the article noted.

Boersen-Zeitung

>>> Mylan tipped as bidder for Hikma Pharma at GBP 35 per share - reports

Mylan tipped as bidder for Hikma Pharma at GBP 35 per share 

Hikma Pharmaceuticals, the Jordan-headquartered drugs group, is rumoured to be a potential takeover target for Canonsburg, Pennsylvania-based pharmaco Mylan, The Independent reported. The market report noted unattributed chatter that Mylan could make an approach worth GBP 35 (USD 53.09) per share.

Dealers cited in a Daily Mail market report suggested Amgen, the Nasdaq-listed biopharmaceutical company headquartered in Thousand Oaks, California, might be a bidder for Hikma. The dealers believe a bid would need to be worth at least GBP 40 per share to ensure success, the report said.

The family of Hikma’s Chief Executive and founder, Samih Darwazah, owns 42% of the company, the report said. It noted that Darwazah has previously stated that a sale would be out of the question until Hikma reaches a GBP 5bn market cap.

Hikma’s shares were trading at GBP 23.50 by the end of trading on 27 January, giving the London-listed company a GBP 4.65bn market capitalisation.

Independent, Daily Mail

(Les Echos) Arcep : The regulation should be good for all

How would you describe the telecom sector?
The president told me the Presidency of ARCEP for a term of six years. My horizon, so this is the project of ARCEP 2020. Today we are at the end of a cycle, that started in the 90s with the opening of telecom competition. It allowed the industrialization of this market and set up regulatory tools that consumers can enjoy a truly competitive sector. France now has four major operators, with strong integration, both in the fixed and mobile, offering quality supply at competitive prices. The investment conditions in the sector are there. But all is not over. It should also remove some misunderstandings to project into a new dynamic, new challenges, this new horizon of 2020. For this, I set three requirements, as a kind of motto: competitiveness, accessibility, neutrality.
 
 
What does that mean?
Competitiveness, this means that we must stop opposing competition concern, legitimate, good health of operators. Regulation is a supply-side policy. It must be good for industry players and consumers. France needs of a competitive telecoms sector, operators deploying networks throughout the territory as far as possible, and at acceptable prices. Competition remains the main driver of this competitiveness, it is an engine, an incentive. We do not try to have several operators to look pretty, but to ensure the dynamics of a vital sector! Accessibility must be at the heart of this dynamic. These telecoms infrastructure is essential to the functioning of the economy and the digital society. It must, as such, recognize the expectations of all citizens, territories and their elected representatives. And it is healthy that they exercise vigilance, both to the regulator and operators. This is not a trivial burden on the shoulders of operators: for they are expected to offer digital for all and, as such, it may be some empathy with them.

Net neutrality is one of your priority projects?
Yes I Am. Internet is not a network like the others. It has become a key platform for citizens, businesses, the economy, and this will be increasingly on the horizon of 2020. We must accept that there are special rules on the Internet. ARCEP, the regulator networks, must be the guarantor of these rules, especially when it comes interconnections that are at the heart of its powers. The web giants have nothing in common with the negotiating capacity of the smaller players. This is dangerous; we must act ... To guarantee the neutrality of the Internet is also a precaution for the future. There is much talk of the video, which certainly plays an important role today, but nobody knows what will look like tomorrow's Internet. We see the birth and development every day new uses (Internet of Things, cloud, etc.). In short, let the game open.

What can the ARCEP against the giants of the web?
Guardian of the long-term, ARCEP must be in anticipation, thinking to adapt now the rules in relation to the increasing role of the Internet GAFA operation. Europe must take up the issue, both at the level of regulators at more political level of the Commission or Parliament. Today, the regulation has reached an exceptional degree of sophistication for telecom operators in Europe. In front of the net giants impose without any control their own rules through "policies" sometimes very formative for the digital economy. This is not acceptable. My personal opinion is that regulating the net giants has become indispensable. I note that the Government is aware, and it carries this message in Brussels. ARCEP can and should be a force of proposal on these topics.

The market for connected devices is expected to expand strongly. ARCEP she has the care?
The regulator must obviously be on the connected objects. Today, we think spontaneously smartphones or tablets, but in 2020, are well connected objects that will be the majority: home automation, smart cities, connected cars, innovative textiles, etc. From the perspective of the networks, the ability to transmit all objects on all connected signals is a challenge. ARCEP has to make to the reflections of its expertise and Eve, while the part of a broader issue, that of sovereignty. I wish our prospective work focuses primarily on this subject, which is a vital matter where dialogue, exchange and cooperation with all of the digital ecosystem and institutions are needed.

Another challenge corporate digital transformation, what role can play ARCEP?
Today, cultural industries, hotels, taxis ... all sectors of the economy are upset by digital. This does not stop. We are concerned about these issues because the first digital presence in businesses, is that telecom operators. Turn to 2020, is a change of perspective on telecoms in companies. It is envisaged in the first place through the prism of the operators, but look at it through the eyes of businesses themselves. That is to say, better understand their expectations and better calibrate the answers that the regulator can make.

You often say that ARCEP should be at the heart of digital Republic. But is this not contradict its independence?
On the contrary! ARCEP should be a regulator in the heart of the digital issues, a technical-economic regulator in the service of the entire digital. We can not think of telecoms as isolated, especially in 2020. Parliament, Government, local authorities, the Competition Authority, CSA, national frequency agency, CNIL: it is with all these stakeholders digital Republic ARCEP has to work. Whenever possible and useful, I hope that we put in place agreements with other actors.
Axelle Lemaire will shortly present example the Digital Agenda for our country, and ARCEP can and should contribute. This does not mean being the orders! ARCEP is an independent authority. It carries out its mission in full autonomy, with an obsession: the long term. ARCEP to move beyond individual interests and the dictatorship of the emergency. It is the role it must play in the digital Republic.

What is your view on the possible consolidation of the telecom market in France?
We do not ask a football referee to comment on the game field. Our job, ARCEP is to make the market as it is, by creating the right incentives. It is therefore necessary that the regulator has a panoramic view of the functioning of the sector. In this overall picture, there are of course issues like homelessness, sharing of networks or mobile access to high points.

More generally, what method do you use to ARCEP?
My values, these are a bit of those startups. First agility: the tone of a regulator must adapt to the market; then the collective: we are never more intelligent than when you are several; and finally, the spirit of leadership: ARCEP must know persuade and lead the various stakeholders. While respecting. I will refrain from passing judgment on the strategy of a particular operator. These are indeed great actors, often driven by great entrepreneurs who have succeeded extraordinary things in the last twenty years. This is also the strength of the French operators. The market is them, not us! Therefore, iI must also be aware of the game of actors, without necessarily being a hostage. The controller must be able to read in the soul of the operators. Finally, we must accept that the look policy is focused on the telecom and regulation. Access to telecommunication networks, fixed and mobile, is one of the first concerns of French in certain jurisdictions, before kindergartens or safety: never forget, and account for our actions